Sport Ireland has welcomed the €6.5m increase in funding for sport announced in Budget 2019.
The additional funding will support the delivery of the new National Sports Policy, which was published earlier this year.
Individual allocations to national governing bodies, local sports partnerships and individual athletes through the International Athletes Carding Scheme will be considered by Sport Ireland and announced in early next year.
Sport Ireland chief executive John Treacy said: "The new policy earmarks the need for additional investment in high performance sport if we are to realise our potential in the international arena.
"The funding confirmed yesterday, coupled with the high performance funding injection received earlier this year, will be an important component in preparing our athletes for Tokyo 2020 and other key international events."
The second phase of the Sport Ireland National Indoor Arena is expected to be completed in the early part of 2019.
This development, which will contain indoor training pitches and ancillary facilities, will become a key part of Ireland’s sporting infrastructure, along with the National Velodrome and Badminton Centre.
Planning for the Velodrome and Badminton Centre will get underway in 2019, which construction commencing in 2020.
Sport Ireland chairman Kieran Mulvey stated: "The continued development of the Sport Ireland National Sport Campus is a top priority for the organisation.
"The funding of €16 million announced today for the completion of Phase Two of the National Indoor Arena is welcome.
"With the Minister having already committed to the commencement of the new National Velodrome and Badminton Centre by 2020, the Campus is augmenting its position as the home of sport here in Ireland."
